Bri­tish wealth down US$1.5 tril­lion since Brexit

The Myanmar Times - - International Business -

BRI­TAIN lost US$1.5 tril­lion in house­hold wealth in 2016, a blow caused by the pound’s free-fall af­ter the Brexit vote, Switzer­land’s sec­ond­largest bank Credit Suisse said.

A full 406,000 Bri­tons lost their sta­tus as dol­lar mil­lion­aires this year, Credit Suisse added in its lat­est an­nual Global Wealth Re­port.

“The United King­dom had a tu­mul­tuous year,” the re­port said, de­scrib­ing the wealth losses as “a di­rect con­se­quence of the Brexit vote”.

“Wealth per adult has al­ready dropped by $33,000 to $289,000 since the end of June,” chief in­vest­ment of­fi­cer Michael O’Sul­li­van said.

While in­di­vid­ual wealth in dol­lar terms took a hit fol­low­ing the June vote to leave the Euro­pean Union, the trend has been down­ward since the 2007-08 fi­nan­cial cri­sis.

Wealth per adult is 11 per­cent be­low the 2007 fig­ure.

The re­port warned that Bri­tain faces an “out­look that is very un­cer­tain, both for the econ­omy and for house­hold wealth”.

Bri­tain how­ever is still home to 2.2 mil­lion dol­lar-mil­lion­aires, nearly 7pc of the world’s to­tal num­ber of mil­lion­aires, ac­cord­ing to Credit Suisse. –

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